ETH resumes drop after it failed to recover above the $2,300 resistance against the US dollar with the price moving lower and likely to speed up towards the $2,000 support so let’s read more in our latest Ethereum news today.

Ethereum failed to move above the $2300 zone and ETH resumes drop while starting a new decline with the price now trading well below the $2,200 and the 100 hourly simple moving average with the major bearish trend line forming with the resistance near the $2180 on the hourly charts of the pair. The ETH/USD pair could break the $2000 support and could continue lower in the near term.

ETHUSD
Source ETHUSD on tradingview

ETH started a short-term recovery wave above the $2100 level with the coin breaking the $2200 resistance but the bulls still struggling to gain more strength similar to BTC. It faced a strong selling interest close to the $2,280 and the $2300 levels with a new high formed near the $2281 before the price started a new decline. It managed to break the 50% fib retracement level from the upwards move of $1953 low to $2281 high.

It is now trading well below the $2200 and the 100 hourly simple moving average with a major bearish trend line forming with the resistance close to the $2180 on the hourly charts of the pair. The support is close to the $2040 level and it is also near the 76.4% fib retracement level from the upwards move of $1953 low to $2281 high. The downside break below these levels could open the doors for more losses and the next major support will be set near $2000 level below which the price could drop towards the $1920 and the $1900 levels.

ETH losses
ETH with small losses in the daily chart. Source ETHUSD Tradingview

If ETH stays above the $2040 and the $2000 support levels, there could be a new increase ahead. The initial resistance on the upside will also be near the $2150 level. Breaking above the trend line resistance could lead the price to the main $2280 resistance and the 100 hourly simple moving average. ETH could settle above $2280 and the $2300 to move into the positive zone in the upcoming days. The hourly MACD for the pair is gaining momentum in the bearish zone and the hourly RSI for the pair is below the 50 levels with the major support level set at $2040

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